Novartis signs deal to help Saudi Arabia expand its biopharma capabilities 

Novartis’ total contribution to the Kingdom’s gross domestic product is expected to reach $857 million by 2024 amid the firm’s rapid expansion in the Kingdom. 
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Updated 02 June 2022
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Novartis signs deal to help Saudi Arabia expand its biopharma capabilities 

RIYADH: Saudi Arabia’s Ministry of Investment has signed an initial agreement with Swiss pharmaceutical company Novartis to expand the Kingdom’s biopharmaceutical capabilities. 

As per the agreement, the parties will work to expand local investment activities in areas of cell and gene therapy, transfer of technologies and clinical research development, according to a statement. 

In addition to next-generation therapies in an effort to reduce the burden of treatment on Saudi Arabia’s national healthcare budget. 

The parties aim to build local talent and capabilities as they aspire to reach 75 percent Saudization. 

“As the Kingdom continues to diversify its economy through Vision 2030, our National Investment Strategy has made the Kingdom a stable and competitive destination, as doing business has become quicker, easier, and less costly than ever before, because of policy and regulatory reforms,” said Investment Minister Khalid Al-Falih. 

Novartis’ total contribution to the Kingdom’s gross domestic product is expected to reach $857 million by 2024 amid the firm’s rapid expansion in the Kingdom. 


New Murabba seeks contractors for Mukaab Towers fit-outs: MEED

Updated 28 January 2026
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New Murabba seeks contractors for Mukaab Towers fit-outs: MEED

RIYADH: Saudi Arabia’s New Murabba Development Co., a wholly owned subsidiary of the Public Investment Fund, has issued a request for information to gauge the market for modular and offsite fit-out solutions for its flagship Mukaab development, MEED reported on Wednesday.

The RFI was released on Jan. 26, with submissions due by Feb. 11. NMDC has also scheduled a market engagement meeting during the first week of February to discuss potential solutions with prospective contractors.

Sources close to the project told MEED that NMDC is “seeking experienced suppliers and contractors to advise on the feasibility, constraints, and execution strategy for using non-load-bearing modular systems for the four corner towers framing the Mukaab structure.” The feedback gathered from these discussions will be incorporated into later design and procurement decisions.

The four towers — two residential (North and South) and two mixed-use (East and West) — are integral to the Mukaab’s architectural layout. Each tower is expected to rise approximately 375 meters and span over 80 stories. Key modular elements under consideration include bathroom pods, kitchen pods, dressing room modules, panelized steel partition systems, and other offsite-manufactured fit-out solutions.

Early works on the Mukaab were completed last year, with NMDC preparing to award the estimated $1 billion contract for the main raft works. This was highlighted in a presentation by NMDC’s chief project delivery officer on Sept. 9, 2025, during the Future Projects Forum in Riyadh.

Earlier this month, US-based Parsons Corp. was awarded a contract by NMDC to provide design and construction technical support. Parsons will act as the lead design consultant for infrastructure, delivering services covering public buildings, infrastructure, landscaping, and the public realm at New Murabba. The firm will also support the development of the project’s downtown experience, which spans 14 million sq. meters of residential, workplace, and entertainment space.

The Parsons contract follows NMDC’s October 2025 agreements with three other US-based engineering firms for design work across the development. New York-headquartered Kohn Pedersen Fox was appointed to lead early design for the first residential community, while Aecom and Jacobs were selected as lead design consultants for the Mukaab district.

In August 2025, NMDC signed a memorandum of understanding with Falcons Creative Group, another US-based firm, to develop the creative vision and immersive experiences for the Mukaab project. Meanwhile, Beijing-based China Harbour Engineering Co. completed the excavation works for the Mukaab, and UAE-headquartered HSSG Foundation Contracting executed the foundation works.